Bloomberg Daybreak: May 2, 2022 - Hour 2 (Radio)

President by the by disruptions of the solar industry. Michael blarn More and I'm John Stashower and sports ninth straight win for the Yankees, but Mets one another series, NBA playoff road winds from Milwaukee and Golden State. That's all

training ahead on Bloomberg Daybreak on Bloomberg. He liveing free on New York, Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties and Francisco Sirius x M one nineteen and around the world Old on Bloomberg Radio dot Com and via the Bloomberg Business App. Good Morning, I'm Nathan Hagar and I'm Karen Moscow u shtock in NIX futures are on the rise this morning.

We're coming up to six o one on Wall Street, and we checked the markets every fifteen minutes throughout the trading day on Bloomberg SMP futures of seventeen points, DALN futures of one hundred fifty one, and Nownesday Teachers up sixty ten, Your treasury up three thirty seconds, the l two point nine two percent yield on the two year two point seven percent, and nine next screwed oil is down three percent at a hundred one dollars fifty cents

of Daryl Nathan Karen Investors begin the month of May after a historically bad April. The SNP five hundred fell eight point eight percent for the worst April performance since nine seventy and tech investors haven't taken a beating like this in nearly fourteen years. The Nasdaq one hundred plunge more than thirteen percent in April, its worst performance since

October two thousand date. Katie Nixon, his chief investment officer at Northern Trust, I mean, I think valuation is very fragile in this rising rate environment here and then at the shame time. You've got some fundamentals that you know, at best are sort of flattening out and at worst are showing some declining trends. In net such is sort of the poster child joined now by Amazon, that's really

showing a weakening of demand. Northern Trust Chief investment Officer Katie Nixon notes the SMP five and the NASTAC one d of each fallen for four consecutive weeks. Well, Nathan Vallens have also been taking a pounding this year, and one of the biggest investors outside America things there may

be more pain ahead. We get the latest live with Bloomberries, John Tucker, John Gobardan Karen Typically investors can take refuge in bonds, especially US treasuries, and for years they've been supported by Japanese buyers, but that's no longer the case. Japanese institutional managers are now fielding a great bond sell off. The largest overseas holder of treasuries has offloaded almost sixty billion dollars over the past three months. That's according to

data from BEMO Capital Markets. There are several reasons market volatility, divergent monetary policy, and a weaker again and Japanese investors may wait for higher and higher rates before ever jumping back in lie to New York. I'm John Tucker, Bloomberg, debreak. All right, John, thank you. Of course, both bond and equity investors will be paying close attention to this week's policy decision from the Fed. It is one of the most anticipated in years, and we get a preview from

Bloomberg's Michael McKay. The government reported Friday that employment costs rose the most since nine seven in the first quarter, while the Fed's favorite inflation gauge rose to the highest since nine two. And let's say that more than seals a fifty basis point rate increase from the Fed on Wednesday. It raises the question of whether the FED needs to keep raising by fifty or even seventy five going forward. They won't say, but Chairman j Pale will be asked

about it at his news conference. The Fed will also be detailing how and when it will start reducing the balance sheet and trying to reassure Americans inflation is their top priority. Michael McKie Bloomberg Daybreak, All right, Mike, thank you. Of course, we'll have full coverage and analysis of Wednesday, said decision, beginning at one pm Wall Street time that

day on both Bloomberg Radio and television. Well, Nathan, it's also another busy week for earnings, with more than one hundred sixty companies in the S and P five hundred reporting. We get a preview from bloombergs Shirley Pellett. Big technology firms and banks are behind us, but we'll be hearing from a broad swath of companies as investors assess the

ongoing themes of inflation, consumer demand, and geopolitics. Sarah Malick is chief investment officer at Nouvene Earnest looked strong free quarters of companies are beating Arnies double digit revenue growth overall and about five or six percent. Arnis Among some of the names reporting this week Airbnb, A, I, G, A M D, Conico, Phillips, Ubert Lifts, Starbucks, young brands and travel names Expedia, Hilton, and Marriott. In New York,

Charlie pet Bloomberg day break. All right, Charlie, thanks so. One company that already reported over the weekend was Berkshire Hathaway. The Warren Buffett conglomerates squeaked out a profit gain, but perhaps more importantly, the billionaire went on a buying spree in the first quarter. Let's get the lightest on that. Live from Bloombergshire, Nity Young, Good morning, Grena, good morning. Nathan Warren Buffett made forty one billion dollars in net

stock purchases during the first quarter. It was his biggest buying spree in at least a decade, and a war and soaring US inflation did not deter him from doubling down on a tried and trusted strategy to navigate the

fallout among the purchases. Berkshire raises its Chevron holdings, Buffett discloses that the company now owns an expanded nine point five percent stake in Activision Blizzard, and at the annual shareholders meeting, the one year old Buffett had his business partner, year old Charlie Munger, gave no indication that they planned to step back from their roles anytime soon. Live in New York. I'm Renita Young, bloom birth day break All right, Granny to thank you. Now, let's get to the latest

on the war in Ukraine. After weeks of Russian bombardment, civilians are starting to leave a besieged steel plant in Marya Pole. President Zelenski says about a hundred men, women and children will arrive in Ukrainian control of territory this morning. And how Speaker Nancy Pelosi met with Poland's president today after surprise was to keep to get that story from Bloomberg,

said Baxter. This was a well kept secret. Pelosi leading a congressional delegation pledging continued support and says continued usaid. Pelosi then traveled back to Poland in San Francisco. I'm at Baxter Bloomberg daybreak, All right, and thank you. Let's turn to the pandemic now, where our focus remains in China. Coronavirus lockdowns in the country, you're taking a significant toll

on the economy over the weekend. Data showed both manufacturing and services activity plunged in April to their worst levels in more than two years. And in Australia, Nathan Quantas has revived a plan for the world's longest NonStop flights. They would connect Australia's East coast with the New York and London. The airline says it's buying twelve Airbus jets that can make the twenty hour journeys. Plantas will begin

the service from Sydney and and again. Future is on the rise this morning, straight ahead your latest local headlines, plus a check of sports. And this is Bloomberg all right, Karen, Thanks Sixcess seven on Wall Street, fifty three degrees in Central Park. Both fans on the wheel this morning. We've got some nasty thunderstorms all through traffic. Coming up first, Michael bar with more on what's going on in New York and around the world. Good morning, Michael, Good morning Nathan.

A new crime fighting initiative begins today in New York City. Mayor Eric Adams says and the forty most violent precincts authorities will move neighborhood coordinating officers into evening patrols. Other plans include sending field intelligence officers to the street. Overall crime is up thirty last month compared to April of last year. Gun violence it's also on the rise. May Adams also says they will find people who cheat on

paying subway fares in the city. Broadway theaters are ending the policy of requiring customers to show proof of vaccination. The Broadway League says in a statement that the owners and operators of all forty one Broadway theaters are extending the mask requirement at least through the end of May, but many will no longer check for vaccination status. President Biden spoke in Minneapolis at a memorial service for former President Walter Vice President Walter Mondale. Mondale died in April

of last year at age nine. President Biden said he and Mondale, who was known as Fritz for close friends. I'm I moved to be with you here today as an honor one of the great giants in American history. And that's not hyperbole. Fritz was a giant in American political history. President Biden described Mondale as a dedicated patriot and public servant. The judge joined the Country Music Hall of Fame last night, just to day after Naomi Judd

died unexpectedly. Naomi's daughter is Winona and Ashley Judd accepted the honor. Wenona Judd, this is the first time I've talked since saying goodbye to twenty A kiss draw on the forehead, and I walked away, and this is the first place I've been. Wenona and Ashley Judd said their mother died at the age of seventy six due to

the disease of mental illness. Nearly two dozen senators today called on President Joe Biden to swiftly advance a trade probe that they said was already causing massive disruption in the U S. Solar industry. According to the letter from twenty two senators, the investigation into whether Chinese companies are circumventing decades old tariffs by assembling solar cells modules in

Southeast Asia will severely harm American businesses and workers. Global News twenty four hours a day on here and on Bloomberg Quicktake, powered by more than twenty seven hundred journalists analysts more than a hundred twenty countries. Hi, Michael Barn, this is Bloomberg, Nathan, Michael. Thanks coming up to the six ten on All Street. Time for the Bloomberg Sports Day. Here's John Stenshower. All right, Nathan. The Mets weekend, of course, began with the no hitter. It ended last night with

Max Schers. We're giving up three home runs, but the Mets bats produced fifteen hits and attend to six win over the Phillies at City Field. Jeff McNeil had four of those hits, raising his average to three sixty one. Don Smith had four hits. He drove in three runs, so did Sterling Marte. The Mets have now played seven series. They have not had a sweep, but they've won all seven. The Yankees have had three straight series sweeps, nine wins

in a row. In Kansas City, they trailed four to one, took the lead in the seventh innings going two runs without a hit, and they won six to four. Aaron Judge homerd with one out in the first inning. He hit another with two outs of the night. Judge had no homers in his first thirteen games. He's hit seven in his last eight games, and the Yanks take this nine game win streak into tonight's game in Toronto. NBA playoffs started Round two Milwaukee one in Boston one oh

one to eighty nine. Your Honest son to the Compo had a triple double. Golden State in Memphis lost Draymond Green in the second quarter. He was ejected for a flagrant. Fouley held a one point lead at the end. They will throw it in fine eight Clark Clark bounce pass over to Moran, He'll drive in. Scooper's up. No good rebount Wig ups. The Warriors win the Larwriors win, Memphis stop the look they wanted and more couldn't finish it had told him State capture State one with Trebond grade

in the locker road. The game had the call. Two more series openers tonight. It's also opening night of the Stanley Cup Playoffs, with a quartet of games, including the Bruins at Carolina the Hurricanes one of the three regular season meetings by a combined score of sixteen to one. Rangers in the Penguins Game one at the Garden tomorrow,

John stash Ellardtenberg sports Nathan, thank you, John SMP. Futures now up eighteen points down, Futures up a hundred fifty five dance stack, futures up sixty seven points after the kind of April we haven't seen for stocks in half a century. Look at these markets next with Bloomberg's Danni Burger. You're listening to Bloomberg day Break. Bloomberg day Break brought to you by the Jewish Communal Fund j CFS. Donor advised fund is the smart choice to manage your philanthropy,

especially in times of crisis. Make your giving impact forth is it j c F n y dot org. Markets headlines and breaking news twenty four hours a day at Bloomberg dot Com, The Bloomberg Business at and at Bloomberg Quicktape. This is a Bloomberg Business lash and I'm Cameron Moscow and you must on. Index futures are rebounding from Friday's bruising sell off, which was Wall Street's worst day in

almost two years outside of the US. Doctor declining is disappointing economic data from China and the prospect of sanctions on Russian oil wag heavily on risk appetite. We checked the markets every fifteen minutes throughout the trading day. On Bloomberg SNP Future is up twenty boys down eaters of one hundred seventy one and nowsday futures up seventy two. The decks in Germany's down six tenths of a percent. Ten year treasury of three thirty seconds yield two point

nine two percent. That yield on the two year two point seven percent. Nine mack screwed oil is down three point one percent on three dollars twenty seven cents at

a hundred one dollars forty two cents a barrel. Comics called on one point seven percent on thirty three dollars at eighteen seventy eight fifty an ounce, the Euro one point oh five to four against the dollar, British pound one point to five seven seven, the yen at one twenty nine point nine four, and Bitcoin higher up more than one percent at thirty eight thousand, seven hundred sixty dollars. That's at Bloomberg Business Flash. Now here's Michael Barr with

Moore on what's going on around the world. Michael, thank you very much. Karen. The evacuation has begun for civilians hold up at a steel plan in the Ukrainian city of mary Upol after nearly two months under siege by Russian forces. Local officials at people sheltering elsewhere in the city would also be allowed out. Today. In a surprise visit to Ukraine, speaker Nancy Pelosi promised continuing support. Today,

Pelosi met with Poland's president. In the NBA playoffs, the Celtics lost to the box wh one eighty nine, and the opening game of their series, the Warriors beat the

Grizzlies one seventeen, one sixteen in their Game one. In baseball, the Yankees and Mets one, the Orioles beat the Red Sox nine five, The Nationals beat the Giants eleven five, The A's Lost Global news twenty four hours a day on air end on Bloomberg Quick Take, powered by more than hundred journalists and analysts in more than a hundred twenty countries. I'm Michael Barr. This is Bloomberg Nathan Alright, Michael. Thanks at six nineteen on Wall Street Live from the

Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak as we get ready to kick off the trading month of May. We are joined now by Bloomberg TV anchor and markets correspondent Danny Burger. Danny, good to have you with us this morning, and I'm sure a lot of investors are feeling at least a little bit good they can finally close the books on one of the cruelest A brawls the markets seen in its history. Really yeah, I mean closed the books on it. But I guess the big

question is is there more to come? I mean, it was a really painful month from the staff of their worst month for the NASDAC since two thousand eight. Even even just Friday added insult to injury. It was the

worst single day dropped for the S and P since. So, yes, there has been a lot of pain in this market, but the forces that caused it be at the FED, war in Ukraine, issues with China's economy, those are going away, right and we're still seeing a VIX that's above thirty right at thirty three right now, pointing to potentially more volatility and more selling going on still in the European market exactly. Yeah, Europe looking pretty ugly today as well.

I think the volatility story is an interesting one because it's not just bond market volatiky anymore. There was a long period of time this year where we said, Okay, the Fed is getting aggressive, they're going to raise interest rates, and it was really concentrated in bond equity is FX. Yes, they were having spasms, but compared to the bond market,

they were pretty immune. Now you look at what's happened in April, stocks have started to act up, and crucially, the fex complex has started to act up, the dollar strengthening dramatically, it's best months in ten years, with the yen in the euro getting pummeled as well. When you look at these big cross asset moves, that's when you start to ask, is this the kind of thing that

breaks something doesn't lead again? This question is more turmoil, right and when we think about the FED beginning it's decision making process on Wednesday, with that first decision where they're all but spelling out that there's going to be a fifty basis point move, I guess the question for investors is is there further to fall as the punch

bowl gets removed even more? I mean, investors at the moment are pricing about a two and a half percent on FED rates by the end of the year, So that does imply that things are is going to continue to be aggressive from here. It is interesting though, because of the stock market sell off we've seen because of the dollar strength, financial conditions are very tight at the

moment um save for the pandemic. They are the Titus eighteen when the said before had to pause its tightening path because of what happened to markets because of that said put so, the markets have I've already done some of the work from the said I will be interested to see if that continues. If the said doesn't have to hike as much as being implied right now um or you know, perhaps they'll ignore it. And just say, hey, we got a tame inflation. It's enemy number one. The

put does not exist. If we do see a more aggressive FED, or even before those moves begin to take place, at least in the short term, does the focus turn more to fundamentals the earnings picture for these companies. Well, look, it's often said it's it's a stock pickers market, and it's usually not true. You usually can't just buy the index and be okay um. But in this type of environment, we have seen a lot of hedge funds able to outperform,

a lot of stock pickers that perform. That doesn't mean it's easy, but it does mean that when there is this intense selling, often the baby gets down out with the bathwater, and opportunities do emerge. Opportunity to do that really fundamental analysis work becomes important. Of course, it doesn't always pay off. You see companies that report pretty solid earnings and still get beat up. Investors are are are

putting a lot of scrutiny on this earning season. But it is a moment where there are divergences between stocks and opportunities, and our last thirty seconds are so here. Danny from the market participants that you're speaking to. Where is their sentiment lying in terms of sector moves? Is there still some hope for tech or are we moving into more defensive Oh, I might have bad news for you there. I've heard a lot of barishness about tech, and you can just look at what's happened to Amazon

getting absolutely whacked last week. One sector really popular seems right now is commodities. Go for it for your inflationary edge. About if all else is failing, you know, at least some of these supply chain issues, some of the you know, unfortunate geopolitical events do lead to a higher commodities complex. Alright, great to have you on with us, Dandy, Thanks for this. Danny Berger, Bloomberg Television anchor Markets corresponded for Bloomberg News

with Us this morning. As we get set for May, the trading month after a very tough April for stocks, looking ahead to this morning's market open, maybe some evidence of dip buying, with SMP futures up nineteen points, Staff futures up a hundred sixty three, Nasdaq futures higher by seventy points. Sell off continues in Europe, with the docks down six tenths percent. The cat in Paris lower by one point three percent. The footstee in London has a

bank holiday off ten. Your treasury is up three thirty seconds, the yield two point nine two percent. Just ahead Warren Buffett's buying spree, and Nancy Pelosi goes to Kiev. Five things you need to notice start your day. Coming up on Bloomberg day Break Bloomberg eleven three oh weather. The rain's gonna end early. It'll turn cloudy today with a high in near sixty, clouds mid sixties Tomorrow. Showers return Wednesday with a high near sixty. Right now fifty three

degrees in Central Park. Broadcasting live from the Bloomberg Interactive Broker Studio in New York, Bloomberg Living Free to Washington, d C. Bloomberg to Boston, Bloomberg one oh six one to San Francisco, Bloomberg N sixty to the Country, Sirius XM to the one nine team, and around the globe the Bloomberg Business apt and Bloomberg Radio dot Com. This is Bloomberg Daybreak six thirty on Wall Street. Good morning, I'm Nathan Hager and I'm Ferard Moscow. We're just about

three hours away from the open of US trading. Time for the five things you need to know to start your day. Broncho you ba I, interact your broker, Simple ibk our Global Trader app depositing your local currency and trade stocks in the US, Europe and Asia. Start your free trio at ibkr dot com, Slash Global Trader. First Traders enter May after a historically poor April. The NASDAC had its worst month since October two thousand eight, and

the SNP had its worst April since nineteen seventy. When it comes Karen Is, the Fed is expected to raise interest rates at this week's fo MC meetings. Miller t Back chief market strategist Matt Mayley says if inflation persists, the Fed's path forward becomes murkier. That's the fear that the Fed is going to have no choice but to tighten further and and calling, you know, because of the fear s translation, and that's going to cause the market

to fall further than it has. Matt Maylee, chief market strategist of Miller Tabac, says traders should take advantage of the recent sell off on the bond market is also facing around Nathan and Bloomberg's John Tucker tells US that's being fueled by Japanese investors. John good Morning, Good morning, Karen. Japanese institutional managers, known for their legend or a US debt buying sprees in recent decades, now fueling the Great

bond sell off. The largest overseas holder of US treasuries has offloaded almost sixty billion dollars over the past three months. Currency hedging costs of off set the appeal of higher US yields of Japanese investors may not return it to the benchmark ten year yield trades firmly above three percent. Live in New York. I'm John Tucker, Bloomberg Daybreak, All right, John, Thanks And over the weekend, Warren Buffett conglomerate Berkshire Hathaway

reported earnings that revealed the billionaire was active in Q one. Bloomberg. Unita Young joins US Live with Mark. Good morning, Grnina, Good morning, Nathan. Warren Buffett made forty one billion dollars in net stock purchases during the first quarter, his biggest buying spree in at least a decade, and a war and story US inflation did not deter him from doubling down on a tried entrusted strategy to navigate the fallout.

Among the purchases, Berkshire raises its Chevron holdings, and the company now owns an expanded nine point five percent stake in Activision Blizzard, and at the annual shareholders meeting, the nine year old Buffet gave no indications he plans to step back from his role. Live in New York, I'm gonna need a young Bloomberg day break, all right, we need to thank you. Overseas, in Ukraine, about a hundred civilians were evacuated from the besieged steel plant in the

port city of Mario Pohl. Ukrainian President Vladimir's lens came with the US Sounds figure Nancy Pelosi during a surprise visit this weekend. And Kiev, the House Speaker met with Poland's president today. And that's the five things you need to notice start your day. Brought to you by Interactive Brokers. This is Bloomberg. Thanks Scaring sixty three on Wall Street. Storm's reven through fifty three degrees in Central Park of

some improvement on the New Jersey Transit Northeast Quarter. Details coming up in traffic First, Michael Barr with more on what's going on in New York and around the world. Michael, good morning, Good morning, Nathan. New ethnic crime efforts begin today in New York City. Mayor Eric Adams says in the most forty violent precincts, authorities will move of neighborhood coordinating officers into evening patrols. Other plans include sending field

intelligence officers to the street. Overall crime is up thirty last month compared to April of last year. Mayor Adams also says they will crack down on fair cheaters in the subways. Hearing is set for today to determine if the remaining three survivors of the Tulsa Race massacre will be able to take their case to trial. All three remaining survivors are over one hundred years old, and their lawyers will arguing that the city should be held accountable

for the public nuisance created by the nineteen one massacre. However, City council Member Vanessa Hall Harper says the City of Tulsa's lawyers are using the courts to get around a community led plan to compensate them. To use beyond apology to discredit this case is nothing but one of the tricks played by white supremacy, and I'm not falling for it. The so called Beyond Apology project was passed to examine

how to repair damage caused by the massacre. The juds were in in the Country Music Hall of Fame last night, just to day after singer Naomi Judd died. Her daughter Wenona, who was the other half of the singing duo, spoke in accepting the award alongside her sister Ashley. I'm gonna make this fast because my heart's broken and I feel so blessed, and it's a very strange dynamic to be this broken in this blessed. Wenona and Naomi Judd were

among the most popular duos of the nineteen eighties. The family said Naomi Judd died at the age of seventy six due to the disease of mental illness. A Shanghai nursing home resident was mistakenly taken to the morgue while still alive. It comes as the city's COVID nineteen I'll break in. Prolonged lockdown have stretched medical facilities to the breaking point. The municipal government says it is investigating. Warmer temperatures may lift your spirits, but it could be a

challenging time for anyone with allergies. Experts say masks can offer protection from common allergens more problematic during the spring. Dr dry and Sutton says it's important to change your mask regularly. If it's a cloth mask, wash it regularly because those allergians can get trapped on the outside that can constantly expose you and get you symptomatic. Dr Sutton also told ABC We're a well fitted, high quality mask.

Global News twenty four hours a day on air and on Bloomberg Quittake, powered by more than twenty seven under journalists and analysts more than a hundred twenty countries. Michael bar this is Bloomberg Naked, Thanks Michael. Just about six thirty six on Wall Street. John Stanshire has the Bloomberg Sports Updad. Thanks Nathan Yankees and Mets two best records

in baseball. Mets in Phillies last night at City Field next Yers, who did not have his best stuff either, three home runs one to his Plumber teammate Brice Harper, two more to the Met killer from last year. Kyle Schwarber and the Phillies hit four home runs and all the Mets did not hit any and yet Met's one ten six, the fifteen hit attack and showers were able to improve the four and oh before the Mets one

another series. There's seventh in a row. The Yankees one another game, ninth in a row for just the sweep in Kansas City six to four. Aaron Judge a long home run on the first inning and the Royals led four to one. The Yanks team back. Judge had another homer in the nineties at seven homers in his last eight games. Yanks played tonight in Toronto, top two teams in the Al East. Yanti managers Aaron Boone. Obviously, they're

a really good team off to a good start as well. Um, you know, a team I'm sure we're gonna have to battle with all year. Uh school want to get to where we want to go, so uh looking forward to going up there and playing against one of the games best. Yanks start the series game and a half ahead of the Blue Jays Mets tonight pick on the Atlanta Praise at City Field. NBA playoffs to start around two two wins by the road teams Milwaukee in Boston one on

one to eighty nine. Janas sent to the Compo at a triple double Golden State a one seventeen one six team win in Memphis. The other two series start tonight. It's also the start of the Stanley Cup playoffs tonight with four games Rangers in Pittsburgh. Penguins begin their series tomorrow night at the Guarden. The Rangers top scorer r Timmy pannerin injured at the end of the regular season.

He's been cleared to play the series over golf in Mexico, waiting for John Robbins first since last year's US hoping Jo's actually went Gruberg Sports Nathan all Right, John, Thanks six thirty seven on Wall Street. Time to take a look at some of the stocks moving in the pre market. Bloomberg Radio and TV Markets correspondent Crety gooped this here to help us kick off the trading month of May, and it's getting off to a very interesting start creaty

thanks to Warren Buffett. Thanks to Warren Buffett, the Berkshire bid is alive, or the Buffet Bit, if that's what you want to call it. Two stocks moving in the pre market that you really want to keep your eye on. I wanna start with Activision here, a t V I is your Taker up three percent. Now. Over the weekend, the Buffet Berkshire Hathaway annual kind of shareholder meeting happened in Omaha, Nebraska, and he kind of talked about what his holdings were, what why he has them, what his

future kind of thoughts are on the overall economy. Actually said he's kind of bullish on the economy, he's bullish on stocks. But he also really dug into Activision a t V I is your Taker, saying it's an arbitrage deal and the Nathan you'll remember that activity And was bought up by Microsoft, or the deal at least was created to be to buy be bought by Microsoft. It really helps them align some of the Call of Duty.

For example, Microsoft owned Xbox, which is kind of the platform for lack of a better term, whereas a Call of Duty is owned by Activision um. Activision also was undergoing some some personal kind of issues as well. Nevertheless, Warren Buffett says, well, first off, we have to kind of build up their shares because there's an arbitrage deal here, Microsoft looking to buy Activiston for nine dollars to share.

Activision shares only trading at seventy seven dollars, So naturally you have a little bit of the arbitrage play there. And when Warren Buffett pointed that out, Activision shares caught quite a boost. At least that's up three point two percent in pre market trading. The other one he really mentioned was Chevron. Nathan c v x's your taker. Now, given that oil prices are down this morning, you are

seeing Chevron drop in tandem. But keep an eye on this one because remember warm Buffet has already built up as occidental shares, So Chevron as kind of play on energy is pretty interesting. Any other interesting moves out side the Berkshire bid creaty, Let's stick with the commodity story, right, because that was a big part of what Warren Buffett was talking about when it comes to the oil space. But this is also a move that you're seeing outside

of the oil space. In copper. For example, Freeport Macaron fc X is your ticker down two point three percent. I mentioned oil prices were down. A lot of that has to do with the growth story, while that growth story is filtering into copper prices as well, and therefore having a read through into a one of the world's largest copper producers, which of course is Freeport macroon f c X. As I mentioned, Nathan down two point three percent, and then I want to point out one more stock

to put on your radar. EPAM Systems e p A M down one point four percent. This is despite getting a raised recommendation over at Piper Sailor to overweight citing

healthy demand for digital I T services. No, remember, this is a company that has a huge amount of personnel in Ukraine and Russia, so that might be a reason it's lower on the day, All right, Bloomberg Radio on TV Markets correspondent Crety Goop keeping an eye and all that's happening in the pre market, looking at stocks as a whole, out to the open for the month of May. Futures moving higher, SMP futures up almost nineteen points, STUFF futures up a hundred fifty nine, NASTAC futures are higher

by seventy five points. The tenure treasury is up three thirty seconds, the yield two point nine to per cent. You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather. Clouds this afternoon with highs in the upper fifties, will be in the mid sixties under cloudy sky. Tomorrow. Showers return Wednesday with a high near sixty right now stormy

and fifty three degrees in Central Park. Markets, headlines and breaking news twenty four hours a day at Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quick Tape is a Bloomberg Business Flash, and I'm Karen Moscow future is rising. This morning, we get to the first Word Breaking news desk for today's morning call. Here's Bill Maloney, Bill, good morning, and good morning, Karen. A modest bounce in the US futures after Friday's plunge, without futures up a hundred forty

three points, subs gained sixteen. NAZDA futures are higher by sixty four the US ten year old at two point nine two. Gold is down nineteen. Oil is in the red, but bitcoin is higher by one point three percent. Japan was a little changed overnight, while up markets are in the red this morning and back in the US. On the economic front, at Manufacturing p M I and at

ten o'clock construction spending and I s M Manufacturing. In other news, Buffet boosted his steak in Chevron and wrapping things up wire Houses was cut to market perform over at BMO America was raised to overweight over Red Piper live from the first to Breaking News Dotcom Doll Maloney, Karen, all right, Bill, thank you and to hear live breaking news of your Bloomberg type squawk on your term and I'll sc you a w u K and that's a Bloomberg business flash. Now here's Michael Barrow with more on

what's going on around the world. Montal, Karen, thank you very much. In Ukraine, the United Nations and Red Across were able to successfully eva you wait about the hundreds civilians from a besiege steel plant in merry Upole. However, many more remained there alongside Ukrainian fighters. Meanwhile, House Speaker Nancy Pelosi and other lawmakers are continuing their overseas trip.

After meeting with Ukrainian President Zelinski and Kiev yesterday, Pelosi and other U S lawmakers met with Polish President Duda among other Polish officials in Warsaw today. In the NBA playoffs, the Celtics lost to the Bucks one oh one eighty nine in the opening game of their series. The Warriors beat the Grizzlies one seventeen one sixteen in their game one. In baseball, the Yankees and Mets one. The Orioles beat the Red Sox nine five. The Nationals beat the Giants

eleven five. The A's lost. Global News twenty four hours a day on air and on Bloomberg Quicktake, powered by more than twenty d journalists and analysts and more than a hundred twenty countries. I'm Michael bar This is Bloomberg. The following commentary is from Bloomberg Opinion. How often do we have to get COVID to stop getting COVID? I'm

Justin Fox, a columnist for Bloomberg Opinion. The mucous membrane in the nose and throat has its own immune system of sorts, and the COVID nineteen vaccines available so far don't target it. That's why they've had only limited success in preventing transmission of the disease, even as they've been great at keeping it from spreading to the lungs and causing severe illness. German virologist Christian Drosten predicted this now.

He says that getting to an endemic COVID with only modest seasonal outbreaks is going to have to involve widespread mucostal immunity. Nasal spray vaccines currently under development might do the trick, but the likelier path will be most of us getting COVID again and again. How many times in the range of a number that you can count on

one hand, Drosten said last month, I'm justin Fox. For more opinion, please go to Bloomberg dot com, Slash Opinion or O P I n go on the Bloomberg terminal has been Bloomberg Opinion and Bloomberg Opinion commentaries can be heard every weekday at this time, and terminal customers can read more at O P I n go. And it

says fifty on Wall Street. Let's turn to news now and science and technology with the Bloomberg n j i T Stem Report brought to you buy New Jersey Institute of Technology n j i T is dedicated to bolstering support for female and minorities students pursuing careers and high paying STEM industries. Learn more at n j i T dot e DU and here's just making news in science, Technology, engineering,

and math. Nearly two dozen senators are employing President Biden to swiftly advance a trade probe that they say, was already causing massive disruption in the U S solar industry. The senators say the investigation into whether Chinese companies are circumventing decade old tariffs by assembling solar cells and modules in Southeast Asia will quote severely harm American businesses and

workers as long as it continues. Coronavirus lockdowns in China are taking a significant and toll in the country's economy over the weekend. Official data show that both manufacturing and services activity plunged in April to their worst levels in more than two years. Indexes for exports and imports also slumped, and Apple has been hit by a formal antitrust complane from the European Union for restricting access to technology and services that allow users to make payments direct from their

phones their iPhones. That is, the European Commission says it's sent a so called statement of objections alleging how the tech giant abuses its dominance over mobile wallets on its devices via its Apple Pay service. If confirmed, the company could face hefty fines under EU antitrust rules and as a Bloomberg n j I t STEM report. Nathan all Right, Karen thank you. We're live from the Bloomberg dittre Active Broker studios. Or it's almost six fifty two on Wall Street.

Time out to check what's going on in d C. Some of the top stories in our nation's capital include how Speaker Nancy Pelosi's unannounced trip to kiv Ukrainian Ambassador Xana Markarova called the gesture a special delight. We have c in how the US has been leading this sappoints. We have seen how all the democratic worlds united abound. Ukraine Ambassador Markarova was on a b C S this week. President Biden is pushing another thirty three billion dollars to

aid Ukraine's war effort. Democrat Tim Caine sits on the Senate Armed Services and Foreign Relations committees. We need COVID aid, we need Ukraine aid. We should do them together or separately. But we shouldn't wait around. And I think that's what May needs to be about for US is getting both of these done. Senator Kane was on CBSS Face the Nation. Also making news, Homeland Security Secretary Alejandro may Orcas preparing for a migrant surge as Title forty two authorities at

the border expire in three weeks. Ma Orcus tells Fox News Sunday they've been working on a plan since September. One of the pillars of that plan is to work with our partners to the south and really ensure that they manage their respective borders. Fox News Sunday, Face the Nation and this can be heard every Sunday right here on Bloomberg Radio. For more, We're joined live by Bloomberg

Government reporter Emily Wilkins. Emily, good morning. Obviously, the big news over the weekend how Speaker Pelosi leading that Congressional delegation to Kiev. Uh. The the Congress members have moved on to Poland, but this is another major symbolic gesture

by the US of support for Ukraine. Absolutely, Nathan, I mean, this is at this point the highest dranking US official to visit Kiev, to to really walk the streets, to meet President of Vladimir z Alinsky, and to really come off with what they say is meant to show how firmly the US is standing with Ukraine. At this point, Blosi bow to quickly pass that thirty three billion dollars UH for Ukraine aid that President Biden requested. Now the

House isn't in session this sweek. Members are back in their districts, but we know the Senates in session, and the Senate does have ways to start moving on legislation, so could potentially be ready in House comes back. But there are a lot of questions right now about that aid, whether or not they're going to try and tie a COVID funding to it, whether or not that's going to

wind up having some immigration policies attached to it. Um. This is the thing with these must pass bills that have brought bipartisan support me than they tend to attract other stuff because lawmakers know they're going to move. Will that other stuff potentially slow the works on Capitol Hill if it does, if we do see some amendments that

aren't directly related to Ukraine, and it absolutely could. There's still a lot of controversy right now about President Biden's plan to end that ban on the southern border that made it easier to to turn migrants away under pandemic air policies, and that's something Republicans have really vowed to

push for with particular funding. However, we don't really know yet if Republicans would tried that with the aid from Ukraine just because there is so much support for Presidents SKI and such a wide acceptance that he does continue to need funding for weapons, for humanitarian aid to continue to sort of go at this war with Russia. You mentioned the expiration of the title forty two authorities. Let's move on to that, because Homeland Security Secretary Mayorcus was

asked about that repeatedly over the weekend. He says, there's a six point plan. What's the feeling on Capitol Hill about whether that six point plan has been spelled out well enough or whether it's going to be enough for a potential migrant surge this spring. It doesn't seem at this point like all lawmakers are convinced, even all Democratic lawmakers are convinced that this plan is going to be enough. I mean, Maracas has been on the hill, he's been

trying to talk with lawmakers about the plan. He hasn't been able to make all aspects of public decent because he's there's concerned that if they do, that might sort of aid cartels and drug dealers who work across the border in terms of how they maneuver. So he doesn't want to be too transparent in public. But when you talk to members even they continue to have some concerns.

Are a number of Democrats that have asked that, you know, while of this Title forty two is expected to be lifted, one they said, hold on, can we delay that deadline for a little bit and just need a better understanding and a more comprehensive plan about what's going to happen. And you even heard Mara Cause say this past weekend that the U S system could come under immense pressure if there's a surge of more than eighteen thousand migrants

at the border of the day. That's what they're preparing for, but there's really no way for them to know at this point what kind of strained immigration system is going to be under. Now, we're gonna see a lot of this play out in just the next few weeks, when those Title forty three authorities are scheduled at least to expire on May the twenty three. Emily Wilkins and Bloomberg Government, as always thinks for keeping us up on top of

what's happening in the nation's capital. You can read more about all these stories at Bloomberg dot com or on the Bloomberg termin and listen to Bloomberg Radio in Washington, Bloomberg and one oh five point seven fm h D two SMP futures are higher by fourteen points. Right now, dal Future is up a hundred thirty six. NASTAC futures are higher by fifty six points. But the selling continues

in Europe, with Germany's decks down seven tenths percent. The cat in Paris is lower by one point four percent. The footste London is closed today for a bank holiday. Ten Your Treasury is up five thirty seconds. The yield two point nine one percent yield on the two year two point seven zero nime X crew down two point eight percent, down two dollars cents and a hundred one dollar seventy four cents of barrel. Bloomberg surveillance is straight

ahead for Karen Moscow. I'm Nathan Hagar, and this is Bloomberg